POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

POSTRETIREMENT BENEFIT PLANS

POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2023 for further information.

The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our Statement of Earnings (Loss).

PRINCIPAL PENSION PLANS	Three months ended June 30				Six months ended June 30
	2024		2023		2024		2023
Service cost for benefits earned	$	17	$	24	$	37	$	45
Prior service cost amortization	1		—		4		—
Expected return on plan assets	(390)		(594)		(968)		(1,188)
Interest cost on benefit obligations	315		472		768		946
Net actuarial gain amortization	(103)		(187)		(257)		(359)
Net periodic expense (income)	$	(160)	$	(285)	$	(416)	$	(556)
Less discontinued operations	$	—	$	(96)	$	(88)	$	(188)
Continuing operations - net periodic expense (income)	$	(160)	$	(189)	$	(328)	$	(368)

Principal retiree benefit plans income was $21 million and $36 million for the three months ended June 30, 2024 and 2023, and $57 million and $72 million for the six months ended June 30, 2024 and 2023, respectively. Principal retiree benefit plans income from continuing operations was $21 million and $43 million for the three and six months ended June 30, 2024, respectively, and $22 million and $44 million for the three and six months ended June 30, 2023, respectively.

Other pension plans expense was $1 million for the three months ended June 30, 2024 and $30 million income for the three months ended June 2023, and income of $12 million and $59 million for the six months ended June 30, 2024 and 2023, respectively. Other pension plans expense from continuing operations was $1 million and zero for the three and six months ended June 30, 2024, respectively, and income of $10 million and $20 million for the three and six months ended June 30, 2023, respectively.

We have a defined contribution plan for eligible U.S. employees that provides employer contributions, which were $74 million and $103 million for the three months ended June 30, 2024 and 2023, respectively, and $163 million and $180 million for the six months ended June 30, 2024 and 2023, respectively. Employer contributions from continuing operations was $74 million and $128 million for the three and six months ended June 30, 2024, respectively, and $63 million and $110 million for the three and six months ended June 30, 2023, respectively.

We also have deferred incentive compensation plans and deferred salary plans for eligible employees with expenses of $12 million and $15 million for the three months ended June 30, 2024 and 2023, and $21 million and $35 million for the six months ended June 30, 2024 and 2023, respectively. Deferred compensation expense from continuing operations was $12 million and $14 million for the three and six months ended June 30, 2024, respectively, and $12 million and $29 million for the three and six months ended June 30, 2023, respectively.